KUALA LUMPUR: Pantech Group Holdings Bhd's net profit surged by 70.23 per cent to RM34.66 million in the third quarter ended Nov 30, 2022 (Q3 FY2023) from RM20.36 million in the same period last year on stronger performance in its manufacturing and trading businesses.

Revenue jumped to RM299.94 million against RM209.34 million previously.

The pipes, valves and fittings manufacturer has also declared a single-tier dividend of 1.50 sen per share, payable on March 24, 2023, bringing the total dividend for the current financial year to 4.5 sen per share.

In a filing with Bursa Malaysia today, Pantech said for the current quarter ended Nov 30, 2022, the manufacturing division recorded higher external revenue of RM133.33 million (RM102.53 million in Q3 FY2022) and segment pre-tax profit of RM33.67 million (RM17.22 million in Q3 FY2022).

It said the trading business also saw higher external revenue of RM166.61 million in the quarter under review compared with RM106.81 million in Q3 FY2022, while segment pre-tax profit rose to RM13.96 million from RM10.39 million previously.

For the cumulative nine months ended Nov 30, 2022, its net profit surged to RM92.06 million from RM50.86 million, while revenue jumped to RM840.61 million from RM494.33 million previously.

Moving forward, Pantech is optimistic on its overall performance for the current financial year in view of improving economic activities as well as the rising oil and gas (O&G) prices.

"The robust oil price is likely to bring positive impact to its related capital activities, such as increase the spending in facilities maintenance and upgrading activities in the O&G industry, which will in turn,  improve the demand for our products in both domestic and international markets," it said.